Bonding curves are a key mechanism in the DeFi ecosystem, automatically adjusting the relationship between token price and supply through mathematical formulas. This design allows projects to achieve liquidity without an order book, with prices rising as purchase volume increases and falling when selling—forming a continuous pricing curve. From a formula perspective, supply, reserves, and price are interdependent, creating a transparent and predictable trading environment. In practical applications, bonding curves are widely used for token launches, automated market maker (AMM) optimization, and dynamic pricing systems on certain NFT platforms. Its advantage lies in eliminating liquidity risk, enabling small projects to quickly launch trading pairs. Understanding this mechanism is crucial for participating in DeFi trading and project evaluation.